Ohio Supreme Court limits foreclosure filings

November 1, 2012 by · Leave a Comment
Filed under: Legal News 

It is absurd that the courts before this, the lower courts were granting foreclosures without the proper paperwork.  Regardless off statute of limitations issues, it is obvious looking back that major misconduct, including fraud happened on the part of homeowners and lenders to be fair.  The difference is the lenders were offering the credit and in their rush to make the billions in fees that the entire industry reaped during the “go-go” years, they didn’t set aside time to file the proper paperwork to secure their title to many homes. 

We as the taxpayers stood behind the banks in backing them from insolvency, that was for their favor.   Now, in cases were it shows lenders or subsequent title holders can not produce paperwork, showing legitimate claim on the house.   This should fall in the current homeowners favor.  It can break either way when people are greedy.   If you do not allow this to happen, you really start to show a skewed American system where the big boys get protected from both ends and the little people get taken for a ride on both ends (no pun). 

The Columbus Dispatch –  In a decision praised as a safeguard for homeowners in trouble, the Ohio Supreme Court ruled yesterday that lenders can’t file foreclosure cases until they have the proper paperwork in hand.

The ruling will stop the practice of some foreclosures being granted even though lenders failed to produce vital documentation, said one lawyer who specializes in such cases.Common pleas courts cannot hear foreclosure cases unless they are filed by the lender holding the mortgage interest in the property, the justices said in a unanimous ruling.

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San Francisco Home Prices Fall 41% on Foreclosures

May 21, 2009 by · Leave a Comment
Filed under: Real Estate News 

This headlines says it all.  Bottom line is that home prices are too expensive and until they come to a realistic level then we will continue to have turn-over in the real estate market through the foreclosure market.  Heck, if the S.F. price fall some more, I might even consider moving their (But I still am not happy with there state state setup, it really adds up).   

News (Bloomberg):

San Francisco Bay Area home prices fell 41 percent in April from a year earlier as foreclosures accounted for almost half of all sales, MDA DataQuick said.

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JPMorgan to modify home mortgages to limit foreclosures

October 31, 2008 by · Leave a Comment
Filed under: Real Estate News 

Now this is the type of assistance that I think is beneficial.   It is a private sector solution that is a compromise between both affect parties.  This does not need public funds to be accomplished and if the borrower has the income to support a home loan with normal terms then they should be able to keep their house.  If they got in over their head then they should be foreclosed upon.  

This serves two among many important functions.  One, it lowers the prices in the area to make them reflect the true value in the home and in turn makes them affordable.  Second, it punishes people who made speculative purchases to set an example for the future when the next bubble comes along.   Many people will disagree with these points, but I feel the short-term pain is better than long-term problems.

News:

JPMorgan Chase & Co., the largest U.S. bank by market value, plans to modify terms on $110 billion of mortgages and forgo foreclosure proceedings on all real-estate loans while the changes are implemented in the next 90 days.

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